Market News - Dec 20, 2024

[thefiscalalchemist]

Market Summary for Dec 19, 2024

The benchmark Nifty Index fell by 0.56% to close at 24198.8 on 18-Dec. The Nifty Midcap150 Index fell by 0.6% to close at 21623.1. The Nifty Smallcap250 Index fell by 0.68% to close at 18118.6. The Nifty Total Market Index fell by 0.71% to close at 12952.8. The 10yr yield fell by 1 bps to close at 6.78%. The rupee lost 0.03% to close at 84.95 against the US Dollar.

Key News

• The government is expected to set the fiscal deficit target at 4.4% of GDP for FY26 in the upcoming Budget, reports BS
• Net direct tax collections surged by over 16% between April 1 and November 17, the Securities Transaction Tax collections have exceeded Budget Estimates by over 8%: Income Tax Department report, reports BL
• The board of SEBI approved tighter listing regulations for SMEs, easier norms for REITs and InvITs, and a wider definition of unpublished price-sensitive information, reports FE
• ⁠NBFCs operating in the digital lending space have sought the RBI's permission to offer pre-approved credit on the UPI platform, reports ET
• ⁠Indian firms sought to raise $5.5 billion from the overseas market in October through the external commercial borrowing and foreign currency convertible bond route, the latest RBI data shows, reports ET
• ⁠India was the topmost recipient of remittances in 2024 with an estimated inflow of $129 billion driven by a recovery in the job markets in high-income countries: World Bank economists, reports BS
• ⁠Indian firms are opting for cross-currency swaps to convert part of their debt into the euro or Japanese yen to trim borrowing costs, said bankers, reports FE
• State-run hydro power company, NHPC Ltd is under discussions with the Bhutan government to form a joint venture company to undertake hydro power projects in the country, reports FE